Indian banks offer competitive NRE FD rates for expats in 2023.
New NRE FD Rates for 2023: Indian banks, including SBI, HDFC Bank, ICICI Bank, Canara Bank, and PNB, have recently updated their fixed deposit interest rates for NRE accounts. NRE accounts are bank accounts opened by Indians living abroad, who deposit foreign currency that can be withdrawn in Indian rupees.
NRE accounts can be individual or joint accounts and can include savings accounts, current accounts, and fixed deposit accounts. The interest rates for NRE accounts differ depending on the bank, and the minimum tenure for these accounts is one year.
Here are the details of the new fixed deposit interest rates for NRE accounts offered by some government and private banks:
State Bank of India (SBI): For a one to ten-year period, SBI is offering interest rates ranging from 6.50% to 7.10% for amounts less than two crores, and 6.00% to 6.75% for amounts greater than two crores. These new rates were implemented on February 15, 2023.
HDFC Bank: HDFC Bank is offering interest rates ranging from 6.60% to 7.10% for amounts less than two crores and 7.10% to 7.75% for amounts greater than two crores. These new rates were included on February 21, 2023.
Punjab National Bank (PNB): PNB has increased its NRE FD rates from last year's rates of 5.6% to 6.75% to the current rates of 6.5% to 7.25%. These new rates came into effect on January 1, 2023.
ICICI Bank: ICICI Bank's fixed deposit rates for NRE accounts range from 6.70% to 7.10%. These rates were applicable from February 24, 2023.
Canara Bank: Canara Bank has fixed interest rates for fixed deposits ranging from 6.70% to 7.25% for a one to ten-year period. Canara Bank's new rates came into effect on April 5, 2023.
These updated NRE FD rates offer competitive interest rates for Indians living abroad who want to invest their foreign currency in fixed deposits in India. It is advisable to compare the interest rates and tenure of various banks before investing.
Read more: Bank of Maharashtra and Canara Bank increase loan interest rates, FD rates also hiked
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